Expect to see legislation before the city council early next year that will allow the Monroe Park Conservancy, a nonprofit that would pay $1 in annual rent for a 30-year term. More from RTD.
The lease would allow a long-planned renovation of the park to move forward through a public-private partnership with the conservancy serving as a link between the city, Virginia Commonwealth University and corporate backers. The renovation is expected to cost a little more than $6 million.
The city has already budgeted roughly $3 million for the effort. The conservancy, controlled by a 12-member board, would also attempt to raise at least $3 million from private sources. VCU, which has previously considered purchasing the park itself, is expected to continue to be involved in the maintenance of the nearly 8-acre park. The university will not contribute funding for the renovation, said VCU spokesman Mike Porter.
The article also talks to folks opposed to the plan and concerned how it will be run going forward.